Pinweld Ltd - Period Ending 2022-09-30
Pinweld Ltd - Period Ending 2022-09-30
Registration number:
Pinweld Ltd
for the Year Ended 30 September 2022
Pages for filing with Registrar
Pinweld Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pinweld Ltd
Company Information
Directors |
K C W Wiltshire K A Chappell S J Perris |
Registered office |
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Registered number |
10970841 |
Accountants |
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Pinweld Ltd
(Registration number: 10970841)
Balance Sheet as at 30 September 2022
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2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Pinweld Ltd
(Registration number: 10970841)
Balance Sheet as at 30 September 2022
For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised for issue by the
.........................................
Director
Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company's financial statements have been prepared on a going concern basis. The company continues to rely on government grant funding and has secured funding on a new project in 2023. The directors have considered the period of twelve months following the date of approval of the financial statements and have indicated their willingness to support the company to be able to meet its liabilities as they fall due.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Office equipment |
25% on cost |
Intangible fixed assets
Separately acquired trademarks, licences, and patents are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Patent |
5% on cost |
Research and development costs
Research and development costs are written off to profit or loss in the year incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised at the transaction price.
Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Intangible fixed assets |
Patents |
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Cost |
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At 1 October 2021 |
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At 30 September 2022 |
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Amortisation |
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At 1 October 2021 |
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Amortisation charge |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Tangible fixed assets |
Office equipment |
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Cost |
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At 1 October 2021 |
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At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Debtors: amounts falling due within one year |
2022 |
2021 |
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Trade debtors |
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- |
Other debtors |
2,500 |
3,556 |
Prepayments |
1,837 |
35,938 |
Corporation tax |
- |
21,378 |
Directors' loan accounts |
- |
1,000 |
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Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Creditors |
2022 |
2021 |
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Amounts falling due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
5,478 |
364 |
Accruals |
2,000 |
1,900 |
Directors' loan accounts |
40,990 |
14,990 |
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2022 |
2021 |
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Due after one year |
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Bank borrowings |
13,333 |
18,333 |
Loan notes |
- |
157,313 |
13,333 |
175,646 |
Included in loans and borrowings are loan notes of £150,000 at a fixed interest rate of 6.5%. The loan notes are secured over the assets of the business. The loan notes were repaid in full in April 2023.
Share capital |
Allotted, called up shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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91 |
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91 |
Pinweld Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Loan notes |
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- |
Other loans |
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Directors' loan accounts |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Loan notes |
- |
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Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
2022 |
Other related parties |
Amounts receivable from related party |
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2021 |
Other related parties |
Amounts receivable from related party |
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